Baidu Finance: The trading volume of RMB in Russia surpasses USD for the first time!

Since February this year, Western countries have continued to impose financial restrictions on Russia, and because some Russian banks have been removed from the SWIFT payment system, Russia has nearly $ 642 billion in reserves and about half of the euro has been frozen.

 

As the world leader in "de-dollarization", Russia is not nervous, but said that this will promote the country to take more measures to reduce the business of dollars and euros in Russian banks, thereby speeding up the "de-dollarization" process.

 

 

 

As sanctions from Western countries continue to increase, Russia is gradually turning its attention to the Asian market, and the US dollar and the euro are also regarded as "toxic currencies". Relevant data shows that the US dollar’s asset share in Russia was 21.2% earlier, but as of January 1, 2022, US dollar assets in Russia’s foreign exchange were only US$66.8 billion, and the proportion dropped sharply to 10.9%.

 

Since the stability of the renminbi is stronger than that of other currencies, and since August this year, the IMF's latest SDR currency basket has officially taken effect, in which the weight of the renminbi has increased from 10.92% to 12.28%. The increase in the weight not only affirms the status of the renminbi in the international reserve currency and its strong appeal, but also means that the international use of the renminbi will be more popular.

 

 

 

As a result, Russia opened its doors to China and increased the use of the yuan. Compared with the US dollar, in April this year, the RMB assets in Russia's foreign exchange reserves exceeded 100 billion US dollars for the first time, and the proportion also increased from 12.8% to 17.1%. As of July this year, the renminbi was the third most in-demand foreign currency in Russia.

 

 

 

 

In addition, according to sources, as of 12:00 noon on August 18, the transaction volume of the US dollar in Russia was 28.8 billion rubles and the RMB reached 29.3 billion rubles, surpassing the US dollar for the first time, only the euro was 35.3 billion rubles. From the current point of view, with the deepening of trade between China and Russia, maybe Russia will greatly increase the share of the RMB, and the RMB is also expected to surpass the euro in the Russian market.